February 14, 2006
Boyd Group Finalizes New Trading Partner Arrangements
Not for distribution to U.S. newswire services or for dissemination in the United States.Winnipeg, Manitoba - February 14, 2006 - Boyd Group Income Fund (TSX: BYD.UN) today announced that it has now finalized and closed its new arrangements with trading partners that include a long term exclusive agreement to purchase paint products and a new US $13 million credit facility with a U.S. Bank. These arrangements in combination have provided Boyd Group with funding to satisfy all pre-existing trading partner obligations and refinance a portion of existing debt upon favourable terms. Concurrent with these new arrangements the Fund’s senior lender has increased the Fund’s operating line from $10 million to $12 million.
“These arrangements represent a meaningful accomplishment towards our stated goal of improving our financial flexibility”, said Terry Smith, President and CEO of the Boyd Group.
About The Boyd Group Inc.
The Boyd Group Inc. is the largest operator of collision repair centres in Canada and among the largest in North America. The company operates locations in the four western Canadian provinces principally under the trade names Boyd Autobody & Glass and Service Collision Repair, as well as in six U.S. states principally under the trade name Gerber Collision & Glass. The company also operates Gerber National Glass Services, an auto glass repair and replacement referral business with affiliated service providers throughout the United States. The Boyd Group Inc. is focused on its plan to be a leader in the consolidation of the highly fragmented North American collision repair industry, recently estimated to generate approximately $40 billion in revenue annually. For more information on The Boyd Group Inc. or Boyd Group Income Fund, please visit our Web site at www.boydgroup.com.
About The Boyd Group Income Fund
The Boyd Group Income Fund is an unincorporated, open-ended mutual fund trust created for the purposes of acquiring and holding certain investments, including a majority interest in The Boyd Group Inc. and its subsidiaries.
For further information, please contact:
Terry Smith
CEO
Tel: (204) 895-1244 (ext. 222)
terry.smith@boydgroup.com
Bruce Wigle
Investor Relations
Tel: (416) 815-0700 or toll free 1-800-385-5451 (ext. 228)
bwigle@equicomgroup.com
This press release contains forward-looking statements, other than historical facts, which reflect the view of the Fund’s management with respect to future events. Such forward-looking statements reflect the current views of the Fund’s management and are made on the basis of information currently available. Although management believes that its expectations are reasonable, it can give no assurance that such expectations will prove to be correct. The forward-looking statements contained herein are subject to these factors and other risks, uncertainties and assumptions relating to the operations, results of operations and financial position of the Fund. The Fund assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contemplated by the forward-looking statements.
Corporate Headquarters
Boyd Group Services Inc.
Boyd Group Services Inc.
1745 Ellice Avenue
Winnipeg, Manitoba, R3H 1A6
Email: info@boydgroup.com
Tel: 204-895-1244
Fax: 204-895-1283